Call for Centralized Portal to Access Unclaimed Financial Assets

A plea has been filed in Delhi High Court for a centralized portal for accessing unclaimed financial assets. The court acknowledged the issue but left it for authorities to consider. The petitioner highlighted significant unclaimed funds due to lack of nominee details, stressing the need for policy intervention.

In the Delhi High Court, a petition has been submitted urging the establishment of a centralized platform for individuals to access a complete list of their financial assets, whether active, dormant, or inoperative, across all entities regulated by concerned authorities. The bench, headed by the acting Chief Justice, has identified the importance of this issue but decided against judicial intervention, leaving the matter to the relevant authorities for further action.

The court recognized the alarming figure of 9,22,40,295 inoperative bank accounts with an average balance of Rs 3,918. The petition, filed by social activist Aakash Goel, demands guidelines for collecting nominee details across financial assets to prevent unclaimed funds, pointing to Rs 3,50,000 crore trapped in such assets amidst inadequate information disseminated to account holders and their heirs.

The plea calls for regulatory bodies like RBI, SEBI, IRDAI, and others to create this centralized portal following e-KYC verification. Emphasizing statutory responsibilities, the petitioner highlights the potential risk to Rs 10,07,662 crore of becoming unclaimed, alongside discrepancies in utilizing funds like DEAF and IEPF for public benefit, stressing the urgent need for policy reforms to channel these resources effectively.

(With inputs from agencies.)